DUBLIN, Feb. 24, 2023 /PRNewswire/ — The “GCC Light Commercial Vehicle Market By Vehicle Type (Pickup Truck, Van, Light Bus), By Fuel Type (Petrol, Diesel, Alternate), By End User (Individual vs Fleet Owner), By Country, Competition Forecast & Opportunities, 2018-2028” report has been added to ResearchAndMarkets.com’s offering.
GCC Light Commercial Vehicle Market was valued at USD 7,136.60 million in 2022 and is forecast to register a CAGR of 8.64% to reach USD 11,917.51 million in the year 2028. In 2022, the GGC light commercial vehicle has a total volume of 153.79 thousand units, and the market is expected to have 232.69 thousand units’ volume in the coming year 2028, with the CAGR of 6.86%.
The rapid expansion plans in the region have resulted in the rise of construction activities. The number of residential housing and other infrastructural facilities will expand as the population grows, spurring an increase in construction activities. As the construction activities increase the need for construction vehicles also increases in the GCC countries. The GGC countries have seen an increase in demand for light commercial vehicles, as the infrastructure projects and other innovations arise as the private sector expands in the upcoming years. As a result, the GCC countries will see an increase in demand for light commercial vehicles throughout the forecast years.
The government of the Gulf Cooperation Council (GCC) region have slowed down international trade because of the economic crisis brought on by the covid pandemic and the decline in oil prices.
Rising E-commerce Industry
Major changes in the GCC countries e-commerce sector are driving the market for light commercial vehicles. Sales of light commercial vehicles are anticipated to rise because of prompt item delivery to clients. From 2019 to 2022, the GCC countries are anticipated to experience a 33% annual rise in e-commerce, with Saudi Arabia and the UAE having even faster growth rates of 39% and 38%, respectively. But it is projected that increased popularity of online shopping will accelerate the sales of light commercial vehicles, and due to this GCC light commercial vehicle market is expected to grow in the coming years.
Increasing Vehicle Rental Service
In many countries of GCC region, the light commercial vehicle rental service is growing at a healthy rate, due to a rise in online enterprises around the world. The leasing of light commercial vehicles is expanding at a steady rate. The industry is becoming more competitive because of the rise in market players providing rental services, especially in Saudi Arabia and the United Arab Emirates. In these two countries the tourism is always high. As per data from Saudi Arabia government the total number of tourists visited in year 2022 was around 18 million. Due to increasing tourism the need for goods and other essential things also increases, to transfer these things from one place to another and are done with the help of light commercial vehicles in the countries. At the same time, regional demand for light commercial vehicles is rising. Many businesses prefer rental services due to their convenience and profitability, which has increased with technological advancement in the automobile industry and expanding import activity in GCC countries.
Increasing Development Activities and Tourism Sector
Road development initiatives continue to rank among the biggest infrastructure expenditures made in the GCC region, and government authorities continue to place a high priority on them. The GCC countries’ rapid infrastructure investment is promoting a friendly and ideal environment for international alliances, tourism, and investment. In addition, the GCC reported investing USD 121.3 billion in projects for roads, bridges, and railroads to improve the land transportation infrastructure. Due to the advancements, the tourism industry in GCC nations is growing. The Road and Transport Authority (RTA) of the United Arab Emirates recently highlighted 35 projects for 2020, including the expansion of the Dubai Metro service and repairs to the motorways and junctions near the Expo site.
In this report, the GCC Light Commercial Vehicle Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
GCC Light Commercial Vehicle Market, By Vehicle Type:
- Pickup Truck
- Light Bus
GCC Light Commercial Vehicle Market, By Fuel Type:
GCC Light Commercial Vehicle Market, By End User:
GCC Light Commercial Vehicle Market, By Country:
- Saudi Arabia
A selection of companies mentioned in this report includes
- Tata Motors Ltd
- Ford Motor Company
- Nissan Motors Company Ltd.
- Volkswagen AG
- Isuzu Motors Ltd.
- Mercedes Benz AG
- Toyota Motor Corporation
- Mitsubishi Motors Corporation
- Peugeot SA
- Great Wall Motors Company Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/u2zom7-light?w=5
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SOURCE Research and Markets